DeepSea launches The 10% Initiative to supercharge energy efficiency technology implementation with Euroseas Ltd and EuroDry as first joiners
18 October 2021, Athens – DeepSea Technologies, the award-winning Al-led maritime technology company and energy efficiency experts, has today announced the launch of The 10% Initiative, a new project that helps ship owners and operators to incrementally implement the latest optimisation technologies across their fleets. With DeepSea’s technology, it is possible to unlock energy efficiency improvements of at least 10% across almost any fleet in 12 months. The new framework sets this as the ultimate target, but is focused on promoting a gradual, data-driven approach that is sensitive to the differing requirements of every shipping company.
The initiative will leverage a combination of AI-driven vessel performance insights and optimisation to help participants embrace optimum energy efficiency strategies for their assets. Containership owner Euroseas Ltd., as well as Dry Bulk owner EuroDry, have already signed up their full fleets to the initiative and are currently working closely with DeepSea to reduce emissions through the adoption of energy efficiency technologies.
The 10% initiative is open to any company regardless of their digital or decarbonisation transformation status and aims to empower participants to play a leading role in decarbonising their fleets, the shipping industry and the planet. DeepSea will work closely with every company in The 10% Initiative to deploy, monitor, optimise and, critically, measure the impact of their efforts across time, as well as feedback to companies what energy efficiencies and fuel savings they have achieved.
The 10% energy efficiency enhancement set out in the Initiative is both realistic and achievable. It is in line with the results achieved by ship owners and operators using DeepSea’s weather routing and voyage optimisation software, Pythia, which was recently proven to have achieved reductions in fuel consumption of up to 12% over a series of voyages earlier this year. Further efficiency gains are also possible by deploying AI-driven vessel performance platforms which help to identify ideal operating procedures tailored to individual vessels, give early warnings of issues, and provide a comprehensive overview of fuel consumption.
DeepSea’s launch of The 10% Initiative comes just weeks before the critical COP26 climate summit in Glasgow, UK, where a palpable sense of urgency is expected to pile further pressure on the shipping industry to accelerate its decarbonisation efforts. The Initiative reflects DeepSea’s genuine desire to collaborate with the industry in generating an ambitious and meaningful response to climate change. The 10% target set could have a dramatic impact, when considered in the context of this year’s IMO efficiency target, which is just 1%. It could also generate considerable financial savings, in an era where ship owners and operators face rapidly spiralling costs to comply with increasingly stringent environmental regulations. For example, a 10% energy efficiency improvement is also an estimated $500k annual fuel saving per year on a VLCC (assuming it travels 330 days per year).
Commenting on the announcement, Angus Whiston, Commercial Director, DeepSea Technologies, said: “We’re delighted to say that we have the proven technology to make this kind of efficiency improvement across a fleet. The industry challenge is now all about implementation. There are many shipping companies out there that aspire to engage with this kind of technology, but may not know how to approach it. This initiative is aimed at those companies – as well as those that are already leading the field in terms of decarbonisation strategies and want to push further. We are providing a realistic, accessible and effective framework to support the implementation of these technologies at the pace required by each different company.
“In addition to creating a real impact in the fight against climate change, we envisage The 10% Initiative playing a pivotal role in supporting the energy efficiency solutions of tomorrow. By moving to a data-driven way of working, ship owners and operators can make business-critical decisions on the implementation of new technologies with greater confidence, as well as providing a perfect environment to further develop our own approaches in partnership with The 10% Initiative members.”
Symeon Pariaros, Chief Administrative Officer of ESEA and EDRY, added: “We are very pleased to announce that we have joined The 10% Initiative, which comes as a natural step for us following our preexisting relationship and work with our partners at DeepSea. This collaboration adheres perfectly to our ESG commitments of having a more environment-friendly fleet and keeping the environmental implications of our business at the core of our operations.
“As mentioned in our latest Sustainability Report, we are committed to continuing our sustainability journey and doing our part to contribute to the decarbonisation of shipping. Energy efficiency technologies will continue to play a crucial role in this, and we believe that collaborating more closely with DeepSea will not only bring fuel savings and emissions reductions to our fleet, but also additional value to our stakeholders in the mid and long term as a result of the sustainable growth that energy efficiency will enable.”
For more information on joining The 10% Initiative, please visit www.deepsea.ai/the-ten-percent-initiative/.